Hyundai Engineering Supports Long-Term Employment of Key Personnel at Partner Companies to "Enhance Competitiveness"

Agreement Signed Between KOSME and SME Core Talent Performance Reward Fund
Full Support for First Payment of Naeil Chaeum Deduction... 190 Employees from 34 Partner Companies Supported
Expected to Contribute to Partner Companies' Management Stability and Smooth Execution of Internal Projects

The exterior view of the Hyundai Engineering headquarters building.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering supports the long-term retention of key personnel and the influx of talented workers at its partner companies.

Hyundai Engineering announced on the 29th that it has signed a support agreement with the Small and Medium Business Corporation for the 'Core Personnel Performance Reward Fund for Small and Medium Enterprises (hereinafter referred to as the Naeil Chaeum Deduction)'.

The 'Naeil Chaeum Deduction' is a policy operated by the Small and Medium Business Corporation to promote 'long-term retention of core personnel' and 'influx of talented personnel' in small and medium enterprises. It is a system where the business owner and the employed worker jointly accumulate a deduction fund during the subscription period, which is then paid to the worker as a performance reward upon maturity.

Through this agreement, Hyundai Engineering will recruit and select partner companies eligible for the Naeil Chaeum Deduction, support corporate contributions, while the Small and Medium Business Corporation will provide subscription support and perform operation and management roles.

Hyundai Engineering selected 190 eligible applicants from 34 partner companies through the Naeil Chaeum Deduction recruitment in May, and from July, for the next five years, partner companies subscribing to the Naeil Chaeum Deduction will receive support of 240,000 KRW per month per eligible worker, and partner companies subscribing to the Youth Employment Naeil Chaeum Deduction will receive 200,000 KRW per month per worker.

This is the first case of fully supporting the corporate contributions of partner companies subscribing to the Naeil Chaeum Deduction. The company expects this to contribute to securing management stability by reducing the economic burden on partner companies and to have a positive impact on the stable execution of projects carried out by Hyundai Engineering by preventing the outflow of key personnel from partner companies.

A Hyundai Engineering official said, "Hyundai Engineering is carrying out various support activities in areas such as funding, technology, manpower, and education to secure the core competitiveness of partner companies, and has been continuing cooperative activities to communicate with small and medium partner companies and strengthen partnerships," adding, "We hope this agreement will help partner companies facing financial difficulties and manpower shortages due to COVID-19, and we will continue to strive to strengthen ESG management through mutual growth."

This content was produced with the assistance of AI translation services.